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FX Action: The dollar has continued to firm

FX Action: The dollar has continued to firm, driving USD-JPY to a fresh intraday high at 103.54 and EUR-USD to a new low at 1.1150, with the buck showing an average 0.5% gain versus its G3 counterparts. Cable is also showing a 0.5% loss. USD-MXN and USD-CAD are exceptions, with the former off by just over 2% and the latter down by 0.4%, reflecting the forex market view that Trump's chances of winning the presidential race have ebbed following weekend developments. While Friday's U.S. employment report wasn't great, it was seen as still sufficiently strong to keep a Fed rate hike in play, and all respondents to our post-data survey forecast a 25 bp cut at the December 13-14 FOMC. EUR-USD's technical picture is pretty convoluted. The pair last week failed to sustain losses below its 200-day moving average, which is presently sitting at 1.1169, although momentum the bias is still to the downside. The 20- and 50-day averages, at 1.1206 and 1.1208, respectively, mark resistance.


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